Dealogic League Table Round-up Mar 9

ChemChina raises record breaking $6.4bn through G3 DCM

Equity Capital Markets

Asia (ex-Japan) ECM volume stands at $6.1bn via 18 deals this week (two IPOs, 13 follow-ons, and three convertibles), compared to the $2.0bn via 25 deals completed in the previous week.

On March 6, Chinese issuer Blackcow Food completed a $2.4bn follow-on via sole bookrunner China Securities at Shenzhen Stock Exchange, this is the largest Asia (ex-Japan) ECM transaction for the week.

Food & Beverage ECM volume has reached $3.5bn via 12 deals this YTD, compared to $686m raised via eight deals in 2017 YTD. Follow-on accounts for 77% of the total issuance with $2.7bn via six deals in 2018 YTD, followed by IPO with $695m via five deals.

Goldman Sachs leads the ECM league table with $5.7bn this YTD, China Securities Co Ltd made its way up to the second place with $4.7m, followed by Huatai Securities Co Ltd on $3.4bn.

Asia (ex-Japan) ECM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 Goldman Sachs 5,726.8 15 11.41
2 China Securities Co Ltd 4,671.9 11 9.31
3 Huatai Securities Co Ltd 3,404.5 12 6.79
4 Citi 3,060.5 18 6.1
5 CITIC Securities 2,356.1 10 4.7
6 Guotai Junan Securities Co Ltd 1,796.6 10 3.58
7 Shenwan Hongyuan Securities Co Ltd 1,579.6 2 3.15
8 Morgan Stanley 1,520.6 10 3.03
9 China Merchants Securities Co Ltd 1,502.7 9 3
10 China International Capital Corp Ltd 1,334.8 6 2.66
SOURCE: Dealogic

Debt Capital Markets

Asian (ex-Japan) issuers raised $11.4bn via 11 deals this week by G3 DCM deals, on par with $11.3bn raised via 24 deals last week.

ChemChina issued the largest deal in the region on record this week, a 6-tranche bond (1st tranche is denominated in EUR) priced at $6.4bn via a consortium of 18 bookrunners. In addition, the first Japanese Yen denominated bond this year-to-date was issued by China Eastern Airlines Corp Ltd, who priced a 3-tranche bond at $471m (JPY50.0bn). The 1st tranche was priced via DBJ Capital Co Ltd and SMBC as bookrunners and the rest via a consortium of 6 bookrunners.

This week also saw an increase in volume on perpetual issuances. Tewoo Group No 5 Ltd priced $450m bond, China Minmetals Corp priced a $400m bond, and Dianjian International Finance Ltd priced a $300m bond this week. These bonds were all issued by Chinese corporates and denominated in US dollar.

HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $5.0bn, Bank of China took over the second seat with $4.0bn, followed by Citi with $3.9bn.

Asia (ex-Japan) G3 DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 4,974.7 43 6.96
2 Bank of China 4,009.5 33 5.61
3 Citi 3,880.3 28 5.43
4 Standard Chartered Bank 3,173.1 30 4.44
5 JPMorgan 2,901.6 15 4.06
6 BNP Paribas 2,592.4 19 3.62
7 Credit Suisse 2,541.8 16 3.55
8 Goldman Sachs 2,345.9 8 3.28
9 Morgan Stanley 2,216.3 17 3.1
10 Bank of America Merrill Lynch 2,011.9 15 2.81
SOURCE: Dealogic
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